phone

HOTLINE

700 70 500

Blog


Categories


3

Jul '19

CYBER ATTACK INSURANCE (CAI)

1. Introduction As Robert Mueller (FBI Director 2012) put it: “There are only two types of companies: those that have been hacked and those that will be” Virtually every business relies on data and computer systems. When these systems experience a virus or other computer attack (cyber attack), a business is at real risk of losing critical information that is essential to daily operations and potentially exposing itself to third-party liability. [...]

3

Jul '19

Cyber Hacks Cost Billions- Is Your Business Insured?

Cyber attacks cost companies 400 billion dollars each year and even the biggest companies in the world have fallen victim. Do we know that your IT department takes every security precaution possible to protect your business, clients, and employees but are you financially covered if the worst happens? What Hackers Can Steal From You Right Now Confidential client records Client credit card & bank details Employee social security/passport details Passwords & website access details Confidential emails, documents & contracts With today’s technology and social media accessibility, a hacker can expose your confidential information at light-speed leaving you vulnerable to further hacks or in many cases lawsuits resulting from broken nondisclosure and data protection agreements. [...]

16

Apr '19

Seven new bills for stiffer traffic penalties

Thousands of euros are spent by Cypriots according to the latest police statistics on fines for road traffic offenses each year. A package of 8 laws passed by the Council of Ministers significantly increases fines for road traffic offenses. The 7 amending bills and the draft Regulations approved by the Cabinet provide an increase in the extra-judicial fine from € 85 to € 300 in case of using a mobile phone while driving, but also for driving without a safety belt or helmet, and the same applies to the violation light signal. [...]

12

Feb '19

Property Search in Cyprus

Do you have an exciting investment project in Cyprus or an innovative business idea and you want to reach potential investors worldwide? Register your project in the Database of Amazon Consulting and boost its visibility to a large network of international investors! Get funding from investment funds, venture capitals, European subsidies, banking institutions, strategical partners! Our portfolio includes hotels, business centres, shopping malls, student dormitories, theme parks, businesses, start ups, universities, rental businesses. [...]

28

Nov '18

Financial Institutions Corporate Guard Directors and Officers Liability

The Insurance Covers under this policy are afforded for Claims first made against an Insured during the Policy Period and reported to the Insurer as required by this policy. In consideration of the payment of the premium the Policyholder and the Insurer agree as follows: 1.1 Management Liability The Insurer will: pay to or on behalf of each Insured Person any Loss except to the extent that the Insured Person has been indemnified by the Company for the Loss reimburse the Company for any Loss for which it has indemnified an Insured Person. [...]

28

Nov '18

Limits and Retentions on Directors and Officers Liability

Limit of Liability The total amount payable by the Insurer under this policy shall not exceed the Limit of Liability where the Insurer’s liability is excess of the Limit of Liability. The Insurer shall have no liability in excess of all such limits, irrespective of the number of Insureds or amount of any Loss. Each Sublimit of Liability specified in the Schedule is the maximum the Insurer shall pay for the cover to which it applies and is part of the Limit of Liability. [...]

6

Nov '18

The Investment Program of Malta for receiving EU Citizenship

A.Introduction The Maltese Investment Citizenship Program offers a second citizenship to third country residents wishing to move their personal or business affairs to an EU country. Citizenship granted through this investment scheme is valid for life and it is passed on to future generations by descent. Malta has been a full member of the EU since 2004 and is member of Schengen zone since 2007. Maltese citizenship grants have access to all investment and business opportunities in Malta and other EU and EEA countries. [...]

5

Nov '18

Cyprus citizenship through investments

   The Cyprus economy in the past few decades has been an ideal environment model for foreign investments. In order to encourage foreign direct investments in recent years, the Cyprus government has launched a special program allowing non-Europeans to be able to apply for a Cypriot Passport through investment or business ventures. As a citizen of a European state, the holder of a Cyprus passport will be able to enjoy the benefits of European interior market, such as free movement of goods, services and capital along with the ease of living permanently in any EU country, as well as the visa-free access to 147 different countries worldwide. [...]

31

Oct '18

How to fill out an claim form for home insurance

 Should you wish to make a claim under your policy, you should initially read the relevant section of the Policy Wording together with the Policy Schedule to check whether you consider the claim is covered by this policy. Please contact us as soon as possible on +35 26600620 during office hours. Remember the following points: You must at all times provide without expense to us, any information or help that we reasonably ask for. [...]

31

Oct '18

Expatriates Home Insurances Terms

  Buildings insurance If you selected Buildings insurance, and chose the ‘Standard cover’ option the following coverage will apply: For a full list of exclusions please refer to the Policy Wording. Significant features and benefits Your home is covered against damage caused by the following perils: Fire, smoke, lightning, explosion or earthquake, storm, flood, freezing of water in any part of the plumbing installation, fixed water or fixed heating systems, subsidence, escape of water/oil (including the costs you incur in locating the source of the damage up to €5000 and replacing damaged waterpipes up to €1000), theft, impact, malicious damage, vandalism and other similar causes. [...]

29

Oct '18

Home Insurance for expatriates

 Period of insurance Expats Home Insurance is an annual insurance contract which may be renewed each year subject to the terms and conditions applicable at the point of renewal invitation. Purpose of insurance This product is suitable for expatriates who work or have retired in Cyprus and covers the sections that you have selected and the sums insured shown on your policy schedule as detailed below: If you have chosen Buildings Insurance, we will provide cover for the structure of your home including garage and outbuildings, its fixtures and fittings, boundary and garden walls, carport, gates, hedges, fences, footpaths, patios, terraces, drives, tennis courts, swimming pools, hot tubs, garden ponds, statues and fountains that are permanently fixed into the ground, greenhouses, solar panels, septic tanks, gas or oil central heating tanks all forming part of the home which are used for domestic purposes only, against loss or damage from specific perils summarized over the page and detailed in your policy wording. [...]

24

Oct '18

Chinese Investments in Cyprus

We are glad and proud to inform you that after considerable effort and assistance from the China Desk which is based in Paphos and is part of the Cyprus-China Business Association, we expect in April/May 2019 a targeted delegation (8-10 companies) from the venerable China Investment Association, accompanied by Chinese Government officials.  The areas of interest for actual investment are: Renewable Energy, such as: Solar energy, Wind power, Garbage disposal, Waste treatment etc. [...]

10

May '18

Do you insure people with diabetes?

We come across this question extremely often and in this article, we will try to give an insight into the way we assess this type of cases.   The main answer we have is that we do not adjust our regular premiums for new clients in order to include cover for pre-existing medical conditions. When a client discloses some medical conditions on the Full Medical Underwriting Application Form, our underwriters will assess the information and make a decision. [...]

17

Apr '18

CYPRUS BANKING CRISIS

Since 2008, has launched a first-class crisis on the Cypriot economy and society with the bankruptcy of a Cypriot bank Laiki in March 2013. This was the priming for the deterioration of the country's living standards with chain influences such as rising unemployment and deduction of the national income of the country as a result the corrosion of the social structure. The European Union and the International Monetary Fund, looking at the unprecedented expansion of the Cyprus banking system, the heavy fiscal deficit and the increase in the country's public debt, decided that the public sector and the banking system should be upgraded. [...]

12

Apr '18

An investment of billions from a Cypriot businessman to the Zimbabwe

The Pitsas Insurances team is particularly proud of the new international business venture of our great friend and client, Mr. Loucas Pourouli. The Cypriot company Karo Resources, managed by the Pourouli family, is going to invest $4.2 billion for the development of an ambitious platinum extraction investment in the post-Mugabe era of Zimbabwe. The investment that transforms Zimbabwe Since assuming his duties, the new Zimbabwe president has committed to promote institutional reform in order to attract the interest of foreign investors. [...]

9

Apr '18

Limitations for expatriates insurance

In Pitsas Insurances our commitment is to be able provide medical insurance services to locals and expatriates in Cyprus. Nevertheless, as many customers have noticed our international medical insurance plans have some limitations regarding the expatriates with permanent residence outside Cyprus. This has to do with the insurance regulations in the countries of the expatriates. Firstly, there are certain countries with insurance regulations which require all residents to have medical insurance, but where there are very specific features the medical insurance must have. [...]

9

Apr '18

Limitations of Area of Cover

Our clients can purchase our plans with a geographical Area of Cover which is not fully ‘Worldwide’, e.g. ‘Europe’ or ‘Worldwide excluding USA’. Those clients have chosen to restrict their core medical benefits to a specified Area. However, they enjoy a special ‘bonus’ benefit which is ‘Out of Area’ cover. This will cover them for emergency in-patient medical treatment during any trips outside their chosen Area (for example to the USA), up to a maximum annual value of €60,000 and for up to 42 nights per year. [...]

9

Apr '18

Why we choose ALC Health?

Many of our clients ask about the insurance industry rankings and why we chose to cooperate with specific international medical insurance providers, such as ALC Health. Unfortunately, there are not any official published statistics from any of the international medical insurers, for this reason the task of our team and its advisers was extremely difficult. Nevertheless, we are keen to provide a short insight about our choices. The reason why we chose to cooperate with ALC Health are: [...]

12

Mar '18

Enter the Chinese Market

Take part in the first International Trade Exhibition of China which will be held from 5 until 10 of November 2018 in Shanghai and promote effectively your company’s services and products in the most dynamic economy of the world. It is expected the participation of more than 150,000 businessmen from all over China.   In order to open the Chinese market to the world actively, Chinese President Xi Jinping announced that China will hold the first International import Expo of China (CIIE) starting from 2018. [...]

11

Mar '18

Is 2018 the year of the next global financial crisis?

For Bill Gates, founder of Microsoft, the next financial crisis is just inevitable. During an interview on February 2018 hosted by the on-line social platform Reddit, Mr. Gates claimed that a global financial crisis similar to that triggered by the bankruptcy of Lehman Brother in September 2007 should be expected in the following two years. But which are the reasons behind Mr. Gates pessimism? The Dow Jones Industrial average, the main stock index of the USA stock market, has increased by more than 65% in the last five years (2018), indicating a strong investor’s trust in the economic prospects of the global economy. [...]

16

Nov '17

THE TERMS THAT MAKE OUR HOUSE INSURANCE THE BEST!

  Pitsas Insurances is one of the most experience providers of house insurance in Cyprus. We tirelessly analyze the insurance products, provided by the most prestigious international insurance companies, and we hand-pick the contracts with the best terms. Our comprehensive insurance policy beyond the standard covers is extended to cover: Theft and attempted theft (Our policy covers theft not accompanied by actual forcible and violent breaking into or out of a Building or any attempt thereat). [...]

10

Oct '17

Benefits of our Group Insurance Policies

In Pitsas Insurances we offer an excellent range of options for corporate groups. For small groups especially, we offer discounted prices, flexibility about their choice of benefits, and preferential underwriting terms. We are often asked ‘what is your minimum size for an employee group?’.  We can actually set up a group scheme with just a single employee.  Why would this be of interest to a company? Firstly, the premium will be at a small discount to the price which would be paid by an individual (non-group) applicant. [...]

12

Sep '17

Paphos Real Estate Market 2017

Paphos, a coastal city rich in history in culture located in the western part of Cyprus, is the capital of Paphos District. The area of the district is 1,393 km², which constitutes 15.1% of the total area of the island. According to the 2011 Census, it has a population of 90,295, out of which approximately 36% are overseas nationals compared to the average 24% for Cyprus. The local economy is mainly based on agriculture and tourism, with the district receiving about a third of tourist arrivals and having the highest number of four and five-star hotels on the island. [...]

27

Aug '17

Directors & Officers Insurance

Surge of Lawsuits According to the advisory company Towers Watson & Co during the decade 2001 – 2011 in USA the 69% of the public traded companies and the 21% of the private companies have faced a shareholder’s case suit. In Cyprus, the financial crisis of 2013 created inevitably favorable conditions for the upsurge of lawsuits. Pointedly, the most renowned of these conditions are: The commitment for social justice instigates government prosecutors to the intensification of investigations for the disclosure of scandals and wrongful acts. [...]

31

Jul '17

Cyber Attack Coverage

The CAI helps clients prevent and safeguard against sensitive data breaches, computer hacking, employee error and more. The coverage includes the following categories of expenses: Cost for the assessment of the problem (forensics) Cost of a Crisis Management Expert Cost of informing affected clients. Fines and sanctions against the company Legal Advice. Cost of the negotiator in the cases the hacker requires ransoms Payment of ransoms.  Our company cooperates with the global negotiations expert company NYA International which consists of former army officers and special agents. [...]

5

Jun '17

10 Reasons to insure Your Life

We all try hard to materialise our dreams, accomplish our aims, create a safe environment for those we love and achieve a high standard of living. The path to the future and economic success is full with challenges,opportunities and dangers. Life insurance is the optimum solution for the protection of your family Life insurance is the most important insurance program as it ensures a sufficient monetary capital to the legitimate heirs in the case of a loss of life. [...]

5

Jun '17

Car Accidents in Cyprus

According to the World Health Organization, more than 1.2 million people around the world die because of road accidents. This makes them a leading cause of preventable death globally, especially among young people. In the European Union alone, more than 26,000 people died on the roads in 2015, while Cyprus in particular topped the charts for the biggest increase in the number of fatal accidents that year. While the European Commission has adopted an ambitious Road Safety Programme that aims to drastically cut the number of road deaths by 2020, are those measures enough? [...]

5

Jun '17

Why medical insurance is essential?

Nobody really plans on getting sick or hurt; people tend to forget there is a possibility of things like that happening until they actually happen. Unfortunately, getting quality healthcare can be very costly, which means it could become a massive financial burden for both the patient and his/her family. This is why medical insurance is absolutely essential if you want to be at ease about any possible issue that should arise. [...]

4

Jun '17

What you should do in case of a car accident

Firstly, help any injured and subsequently help the police authorities in their efforts to collect data regarding the scene of the accident. Write down names and phone numbers of any witnesses and the registration numbers of any cars leaving the scene of the accident, even if they were not immediately involved. Remain Calm Think rationally, remain calm and avoid involvement in any kind of dispute. Remember that vituperation (verbal abuse) is a pecuniary offence. [...]

3

Jun '17

Renew your road tax

ROAD TAX (CIRCULATION LICENSE) CYPRUS Road Tax is due in January or June each year and is charged based on the vehicle’s engine size, unladen weight and whether it uses petrol or diesel. How to renew your Road Tax (Circulation License). The most effective and quickest way to renew your Road Tax is online. Below we provide the link to the website you can do this, the JSSsmart.com, where you will be required to log on or register with your e-mail and a password. [...]

Ready to talk to us? Interested in visiting?
Contact [email protected] or
call us on 700 70 500